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House prices higher near Olympic sites

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by Elaine Frei
House prices higher near Olympic sites

House prices in areas close to sites where the Olympic Games will take place have risen since the announcement that the Games will be held in London in 2012, according to Halifax Estate Agents. Three areas in east London have gone up by more than the London average of 15 percent, while all areas close to the site have gone up by at least £15,000 in the 15 months since London’s bid for the games was approved. Still, houses in eight of the fourteen postal districts near where the Games will be held have prices more than 25 percent lower than the London average.

Rises in house prices are not unusual for cities that host the Olympics. Prices in the four previous host cities rose by more than the national average increase, with Barcelona seeing the biggest rises. House prices in Barcelona were up 131 percent in the five years before the 1992 Olympics, compared to an increase of 83 percent in all of Spain during the period.

In London, Leytonstone has seen the biggest increase in house prices since the London games were announced, adding 23 percent, or £50,714, followed by Hackney, up 21 percent (£48,578) and Clapton, up 18 percent (£38,895). Prices in Bethnal Green are up 9 percent, while Forest Gate, Stratford, Walthamstow, and Shoreditch have each added 8 percent. House prices in Homerton are up by 7 percent. Among areas close to Olympic sites where house prices are still significantly lower than the London average are East Ham, with prices 37 percent lower than the London average, and Plaistow at 41 percent lower than average London house prices.

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News posted: February 6, 2007

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